Second, younger workers should contribute at least as much as an employer is willing to match in a 401(k) or similar program. With this advice in mind, here is a snapshot of millennials at various stages of retirement planning: Alex LaCasse, 28, Seattle LaCasse doesnt see himself jetting off to exotic destinations at the end of his career, but he does hope to have some financial security and independence. An eighth-grade English teacher, he makes about $52,000 a year and contributes 4 percent of every paycheck to a 403(b) account a retirement account primarily for teachers. His school does not match his contributions, but he did receive an initial, one-time contribution of $1,200. He currently has about $6,000 in a savings account he doesnt touch, and he puts away a little from every paycheck. Though he would like to save more, LaCasse worries that he is not in a secure enough position to do so. Theres kind of a feeling of short term versus long term, and unfortunately the short term comes first I need to cover my day-to-day expenses, he said. The long term takes a major back seat. For one thing, student loan repayments of nearly $500 a month represent about a fifth of his monthly expenses and hinder his ability to squirrel away more. The advice: Stephanie Sherman, a certified financial planner at Prudential, said that LaCasse might be able to restructure his student loans to give himself more breathing room. If he has a great credit score, he can refinance them and make the same payment and pay them off quicker, or free up more money for savings, she said.
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